how to tell tenants on increasing rent?

[Vinh Nguyen]

Hi, 

My partner and I just purchased a triplex. One of the units is currently occupied by an existing tenant. We would like to increase the rent based on market value. What is the proper way to bring that up to the tenant? I would assume a type of document? How would this doc look like? Please help! Thanks! 

[Greg Scott]

When you buy the property, you inherit the leases.  What do the existing leases say?   If they are month to month, typically, but not always, you give 30 days notice of rent increases.   If they have a regular lease, you cannot increase rents until the lease term ends.  30 to 60 days before the lease ends, you typically offer them to sign a new lease at $X.